A financial breakthrough that matters
Employees face competing financial demands, including student loan debt, healthcare costs and daily expenses. And that’s before thinking about saving for retirement. Though many employers have wanted to find ways to help address those burdens through their benefit programs, the ability to provide flexibility to address individual employee concerns have come with legal, compliance, tax and administrative challenges that have been hard to overcome. Until now.
Employers can now provide financial benefits that employees can direct allowing them to save for retirement, pay down student loans and set aside money for healthcare costs. This new solution comes at a defining moment for employees as they seek more support from their employers around their financial situation. And employers realize that a robust financial benefits offering can be a competitive advantage in their ongoing battle to attract and retain talented workers. It’s a financial breakthrough that will matter to employees.
Reaching all your employees
Each employee has their own financial story. Adding new flexibility means you can reward smart – providing a wider range of savings options that deliver true value to all your employees.
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Reward Smart session
Not sure where to begin? Uncertain if the new choices are right for your plan? A strategy session can help sort through your questions. Contact Chris West.
HR areas of interest
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DC strategy
Our DC strategy specialists can assess the feasibility of adding choice into your current retirement plan, model costs and advise on designs that meet your organization’s goals and employees’ needs. -
Employee analytics
We can analyze employee savings data, understand their needs and preferences, and advise on program design and engagement strategies to support employee financial wellbeing. -
Employee education and experience
The success of every change depends on employees understanding their choices and taking the needed actions. We can develop education, personalized communication and provide on-demand support through the WTW Embark solution. -
Participant election administration
Manage the annual election processing, provide ongoing employee engagement and collect feedback through our Embark platform. -
Vendor coordination and selection
Creating a smooth experience – for the HR team and for employees – requires coordination across service providers. We can cover the bases – from assessing HRIS/payroll needs to selecting new vendors and coordinating vendors throughout the program. -
HRA and HSA accounts
With increased flexibility and choice, healthcare accounts have become a more prominent tool to address employee financial wellbeing. Want to know more about how to incorporate these into your rewards strategy? We can help. -
Compliance
From guidance on options for the design, nondiscrimination requirements and supporting a PLR process to updating plan documentation including SPDs, we break through the compliance complexity to ensure effective execution for clients. -
LifeSight
A pooled employer plan (PEP) is meeting the needs of many organizations. Learn more about how WTW’s LifeSight PEP can free you from plan management and administrative burdens. -
Value for spend
Total rewards help attract and retain talent. With a Total Rewards Optimization review, we can assess if your program provides value for spend and meets employee expectations.
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DC strategy
2X Employees with choice in their program are 2X more likely to say their benefits meet their needs.*
Reward smart – deliver a financial breakthrough that matters to your employees.
Finance areas of interest
- Financial impact
Adding choice may (or may not) have cost implications. Our DC Strategy team will analyze and model all costs and plan fees, including allocation of benefits costs and payroll taxes to help you find the approach that meets your goals.
- Financial impact
Our Global Benefits Attitude Research 2024 shows that 88% of U.S. workers are struggling to meet basic living costs. In fact, 59% of employees said money concerns are having a negative impact on their overall wellbeing. With flexibility and choice, you can use your total rewards to help employees build financial resilience now and for the future.
Let WTW show you how to bring this financial breakthrough to your organization. For more information contact Chris West.
* Source: 2024 Global Benefits Attitude Research, United States
